The outgoing chairman of the USA Securities and Exchange Commission (SEC), Gary Gensler, stated in a media interview on Wednesday that the field of Digital Currency is filled with "bad actors."

Gensler had previously compared the world of Cryptos to the "Wild West." In an interview with Bloomberg Television, he mentioned that he believes he has made some achievements in the field of Cryptos regulation since taking over from his predecessor, Jay Clayton. He expressed that the Digital Currency space is filled with "bad actors."

This sector accounts for less than 1% of the overall financial market. At that time, Jay worked hard to address these issues and initiated 80 enforcement actions in this area. We have brought approximately 100 actions in the past four years. This is a continuous effort and accounts for about 5% of our enforcement work. In other words, sadly, 95% involves other issues, such as fraud and scams. However, the situation in the Digital Currency space is particularly severe.

Gensler noted that while Bitcoin accounts for 60% to 80% of the market value of Cryptos, the remaining 0.01 million to 0.015 million Cryptos also raise funds from the public. He stated that market trades are always influenced by both fundamentals and market sentiment.

Yet, he has never seen a field like Digital Currency, where the sentiment component far outweighs the fundamentals. Among these 0.01 million to 0.015 million projects, many ultimately do not survive. They are like venture capital projects, not all will survive.

However, there are also a considerable number of small "pump and dump" scams and other issues. These scams have become notorious, leading to investors losing hundreds of billions of dollars.

Gensler further stated that the Digital Currency field is built on a foundation of "non-compliance." "I am proud of what we have done. This work is based on the efforts made by former Chairman Clayton and others before me. I believe there is still much work to be done."